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FTNT US​
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FTNT US​
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Fortinet, Inc.(FTNT US)

$127.22-2.321.79%Ext:$128.24+1.020.80%(After Hours · 00:29:50 UTC)
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Fortinet, Inc.(FTNT US)

$127.22-2.321.79%Ext:$128.24+1.020.80%(After Hours · 00:29:50 UTC)
Ask AI
Doc SearchProfileEntity StructureFinancialsChartingShort InterestEmployees

Overview

ProfileEntity Structure

Documents

SEC Filings

Financials & Metrics

FinancialsChartingShort InterestEmployees

Financials & Metrics

FinancialsChartingShort InterestEmployees

Fortinet, Inc. — Company Profile

Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.

Sector
Industrials
Industry
Commercial Services & Supplies
Exchange
UQ
CEO
Ken Xie
Headquarters
Sunnyvale, CA, US
IPO Date
Nov 18, 2009
Employees
15,472
Website
www.fortinet.com

Key Metrics

Price
$182.16
Market Cap
$133.65B

Fortinet, Inc. — Company Profile

Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.

Sector
Industrials
Industry
Commercial Services & Supplies
Exchange
UQ
CEO
Ken Xie
Headquarters
Sunnyvale, CA, US
IPO Date
Nov 18, 2009
Employees
15,472
Website
www.fortinet.com

Key Metrics

Price
$182.16
Market Cap
$133.65B
Revenue (TTM)
$1.85B
Net Income (TTM)
$534.50M
EPS (TTM)
0.72
P/E (TTM)
68.38
P/B (TTM)
135.04
Dividend Yield
0.00%
ROE (TTM)
54.01%
ROA (TTM)
5.41%
Operating Margin
31.36%
Beta
1.00

Dividends

Last Dividend
$0.00
Last Yield
0.00%

Summary

Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.

Website
www.fortinet.com
Location
Sunnyvale, CA, US
Phone408 235 7700
Employees15,472
CEOKen Xie
Sector
Industrials
Industry
Commercial Services & Supplies
IPO DateNov 18, 2009

Ask AI

Company overview
Business model, segments, and competition.
Peer comparison
Metrics vs closest competitors.
Guidance & outlook
Forward guidance and assumptions.
Bull vs bear case
Upside drivers and key risks.
Valuation snapshot
Multiples vs history and peers.
Competitive moat
Defensibility and market position.
Management track record
Leadership and capital allocation history.
How it makes money
A short diagram of the business model.

Latest Documents

SEC Filings(1.8K)

Expand
  • Form 4Whittle John3 Nov
  • Form 4Xie Ken3 Nov
  • Form 4Xie Michael3 Nov
  • Form 4Ohlgart Christiane3 Nov
  • Form 144Xie Ken2 Nov
  • Form 144Xie Michael2 Nov
  • 10-QQ3ended 30 Sept 202629 Oct
  • 8-KPRESS RELEASE28 Oct
  • Form 4STAVRIDIS JAMES G.1 Oct
  • Form 4GOLDMAN KENNETH A1 Oct
  • Form 4Hu Jean X.1 Oct
  • Form 4Kan Derek T.1 Oct
  • Form 4Napolitano Janet1 Oct
  • Form 4Hsieh Ming1 Oct
  • Form 4Sim Judith1 Oct
  • Form 4Ohlgart Christiane25 Sep
  • Form 144Ohlgart Christiane24 Sep
  • Form 4Whittle John16 Sep
  • Form 144Whittle John14 Sep
  • Form 4STAVRIDIS JAMES G.13 Aug

News

  • CRWD vs. FTNT: Which Cybersecurity Stock Has an Edge Right Now?10:05AM
  • Vanguard Has an ETF That Chases Winning Stocks on Purpose. Most VOO Owners Have Never Heard of VFMO06:33AM
  • Fortinet, Inc. (FTNT) Presents at BMO Capital Technology and Innovation Leaders Conference Transcript12 Nov
  • Fortinet Sees AI Fueling Firewall Demand as Supply Advantage Fades12 Nov
  • The Post-Midterm Rally Clock Is Ticking—and These 3 AI Stocks Stand Out12 Nov
  • $1,000 Split Across These 3 Cybersecurity Stocks Could Be Worth This Much in 5 Years12 Nov
  • Datadog and Cloudflare Rise 5% as CoreWeave’s Results Lift Software Stocks; CrowdStrike Climbs 4%11 Nov
  • Fortinet Raises 2026 Outlook After Strong Q3: Time to Hold the Stock?11 Nov
  • Will Fortinet's Cash Flow Profile Support the Stock Amid Higher Capex?10 Nov
  • Fortinet, Inc. $FTNT Stock Sold by Boston Trust Walden Corp6 Nov
  • Fortinet and Equinix Secure Distributed AI at Scale5 Nov
  • FTNT Q3 Earnings Call Highlights Services Outlook and AI Demand4 Nov
  • Buy, Sell, or Hold? Wednesday’s Top Upgrades and Downgrades: Adobe, Apple, Duolingo, Exxon Mobil, Fiserv, Fortinet, Gartner, Lockheed Martin, Skyworks Solutions, Visa and More4 Nov
  • Why Is Fortinet Stock Falling, and is it a Buying Opportunity?3 Nov
  • Here's Why Fortinet (FTNT) is a Strong Growth Stock3 Nov
  • Don't Overlook Fortinet (FTNT) International Revenue Trends While Assessing the Stock2 Nov
  • CrowdStrike Slides 3% Despite Deutsche Bank Upgrade and CoreWeave Deal; Fortinet Falls 3%, Palo Alto Drops 2%2 Nov
  • 3 Security Stocks to Buy Now Amid the Flourishing Industry Trend2 Nov
  • FTNT Investors Have Opportunity to Join Fortinet, Inc. Fraud Investigation with SBS Law1 Nov
  • FTNT Investors Have Opportunity to Join Fortinet, Inc. Fraud Investigation with SBS Law1 Nov

Mentions in Filings

  • … alysis and improvement suggestions based on fault status and performance information. (Note 4) "IBC Care Service" refers to a maintenance service that provides vulnerability support and troubleshooting assistance for <strong>Fortinet, Inc.</strong>'s FortiGate series (Note 6) and Palo Alto Networks, Inc.'s PA series (Note 7). (Note 5) "ITOGUCHI" refers to an infrastructure configuration monitoring tool that visualizes the overall picture of complex IT systems a …
    アイビーシー株式会社Fortinet, Inc.·M&A, Partnerships & Legal Information - Opinion report·12 Nov·12 Nov
  • … Our principal competitors in the consumer market include ARRIS, ASUS, D-Link, Eero (owned by Amazon), and TP-Link. Our principal competitors in the business market include Arista, Cisco Systems, D-Link, Extreme Networks, <strong>Fortinet</strong>, Huawei, Hewlett-Packard Enterprise, Ruckus Networks, TP-Link, and Ubiquiti. Our principal competitors in the service provider market include Compal, Franklin, Huawei, Inseego, Nokia, Orbic, Sonim, TP-Link, and ZTE. Othe …
    NETGEAR, INC.Fortinet, Inc.·10-Q - Quarterly report Q3·Q3 26·4 Nov
  • … h Emerald AI, our intelligent network will enable AI workloads to automatically move data to alternate locations based on power availability, cost and other factors. Deploying quantum-resistant security capabilities with <strong>Fortinet</strong> With Ohio State, innovating quantum connectivity infrastructure over long distances Quantum & Cyber Aware — with Fortinet and Ohio State Intelligent networks do more than move data; they should be risk-aware Commercial R …
    Lumen Technologies, Inc.Fortinet, Inc.·EX-99.2 - 8-K - Results of Operations and Financial Condition·Q4 26·4 Nov
  • … 17% Supermicro 17% Dell 17% Workday 17% Palo Alto 17% Tyler 16% Verisign 16% HPE 15% Autodesk 15% GoDaddy 15% Intuit 15% TE 14% Qnity 14% Adobe 12% Trimble 12% Skyworks 11% Gen Digital 11% Cisco 11% Twilio 11% Apple 11% <strong>Fortinet</strong> 11% NetApp 10% F5 10% Motorola 9% Roper 9% Zebra 9% Cognizant 9% IBM 8% Accenture 8% CDW 8% Fair Isaac 7% Teledyne 7% HP 6% Salesforce 5% --- Scaling into the AI connectivity champion of the next decade Revenue, CY29E …
    Lumentum Holdings Inc.Fortinet, Inc.·425 - Form 425 - Business combination communication·Q2 27·2 Nov
  • … 17% Supermicro 17% Dell 17% Workday 17% Palo Alto 17% Tyler 16% Verisign 16% HPE 15% Autodesk 15% GoDaddy 15% Intuit 15% TE 14% Qnity 14% Adobe 12% Trimble 12% Skyworks 11% Gen Digital 11% Cisco 11% Twilio 11% Apple 11% <strong>Fortinet</strong> 11% NetApp 10% F5 10% Motorola 9% Roper 9% Zebra 9% Cognizant 9% IBM 8% Accenture 8% CDW 8% Fair Isaac 7% Teledyne 7% HP 6% Salesforce 5% --- Scaling into the AI connectivity champion of the next decade Revenue, CY29E …
    Lumentum Holdings Inc.Fortinet, Inc.·EX-99.2 - 8-K - Entry into a Material Definitive Agreement·Q2 27·2 Nov
  • … 17% Supermicro 17% Dell 17% Workday 17% Palo Alto 17% Tyler 16% Verisign 16% HPE 15% Autodesk 15% GoDaddy 15% Intuit 15% TE 14% Qnity 14% Adobe 12% Trimble 12% Skyworks 11% Gen Digital 11% Cisco 11% Twilio 11% Apple 11% <strong>Fortinet</strong> 11% NetApp 10% F5 10% Motorola 9% Roper 9% Zebra 9% Cognizant 9% IBM 8% Accenture 8% CDW 8% Fair Isaac 7% Teledyne 7% HP 6% Salesforce 5% --- Scaling into the AI connectivity champion of the next decade Revenue, CY29E …
    Marvell Technology, Inc.Fortinet, Inc.·425 - Form 425 - Business combination communication·Q4 27·2 Nov

Key Stats

Trading

Px/Chg 1D$182.16 / +0.67%
Prev Close$156.36
% of 52Wk H89.88%
Avg Volume6.35M
Beta1.00
Mkt Cap133.65B
FD Mkt Cap114.67B

Float

Shrs Out/Float733.71M / 618.55M
Short Float0.02%
Days to Cover1.98
Stock Repurchased$823.00M

Current Valuation

EV131.93B
EV/EBITDA49.06
EV/Sales18.56
P/B135.04
P/S18.80
FCF Yield0.75%
ROE54.01%
ROA5.41%
Current Ratio1.15

Estimates

P/E68.38
Est P/E0.00
Est EPS0.62
Est PEG0.00

Valuation

Metric5Yr AvgMay '23May '24May '25May '26Oct '26
PRICE-BASED RATIOS
Price / Earnings110.9859.6339.9446.74158.56250.05
Price / Sales29.6611.578.6413.7042.1272.26
Price / Book Value-5.19-181.52-98.9354.6164.83135.04
Price / Free Cash Flow75.3835.2726.4843.41138.95132.79
ENTERPRISE VALUE METRICS
Enterprise Value77,243.550,424.045,438.479,695.278,733.5131,926.3
Enterprise Value / Sales29.2011.418.5713.3841.3371.33
Enterprise Value / EBITDA78.6546.7830.9536.20113.33165.99
Enterprise Value / EBIT88.7051.8033.5438.34120.17199.65

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '21Dec '22Dec '23Dec '24Dec '25
INCOME STATEMENT
Revenue19.4%3,342.24,417.45,304.85,955.86,799.6
Gross Income21.1%2,559.23,332.54,067.64,798.25,497.0
EBITDA35.7%727.71,077.81,468.12,201.32,464.6
EBIT37.7%643.3973.51,354.72,078.52,312.6
Net Income32.2%606.8857.31,147.81,745.21,853.4
EPS (Diluted)35.1%0.731.061.462.262.43
BALANCE SHEET
Cash & ST Inv8.9%2,551.72,211.02,440.44,066.53,582.5
Total Assets15.1%5,919.16,228.07,258.99,763.110,389.2
Total Liabilities15.6%5,120.76,509.67,722.38,269.39,151.7
Total Shareholder Equity12.2%781.7-281.6-463.41,493.81,237.5
CASH FLOW
Net Operating Cash Flow14.6%1,499.71,730.61,935.52,258.12,590.6
Cap Ex5.4%-295.9-281.2-204.1-378.9-364.8
Free Cash Flow16.6%1,203.81,449.41,731.41,879.22,225.8

Enterprise Value Bridge

Millions USD13 Nov '26
Price (As of 13 Nov '26)127.25
Basic Shares733.71
Market Cap93,361.4
Diluted Shares742.60
Fully Diluted Shares Outstanding742.60
Fully Diluted Market Cap94,492.1
+Consolidated Debt497.1
−In-the-Money Convertible Debt—
+Capital Leases-
+Operating Leases—
−Cash & Equivalents-3,750.6
−Short-term Investments-1,048.4
+Total Preferred-
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest-
+Pension Liabilities—
Enterprise Value90,107.9

Segment data

Revenue

by Products and services

  • Security Subscription39%
  • Product33%
  • Technical Support And Other29%

Revenue

by Geography

  • Europe, Middle East And Africa42%
  • Americas40%
  • Asia Pacific And Japan19%

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Revenue (TTM)
$1.85B
Net Income (TTM)
$534.50M
EPS (TTM)
0.72
P/E (TTM)
68.38
P/B (TTM)
135.04
Dividend Yield
0.00%
ROE (TTM)
54.01%
ROA (TTM)
5.41%
Operating Margin
31.36%
Beta
1.00

Dividends

Last Dividend
$0.00
Last Yield
0.00%

Summary

Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.

Website
www.fortinet.com
Location
Sunnyvale, CA, US
Phone408 235 7700
Employees15,472
CEOKen Xie
Sector
Industrials
Industry
Commercial Services & Supplies
IPO DateNov 18, 2009

Ask AI

Company overview
Business model, segments, and competition.
Peer comparison
Metrics vs closest competitors.
Guidance & outlook
Forward guidance and assumptions.
Bull vs bear case
Upside drivers and key risks.
Valuation snapshot
Multiples vs history and peers.
Competitive moat
Defensibility and market position.
Management track record
Leadership and capital allocation history.
How it makes money
A short diagram of the business model.

Latest Documents

SEC Filings(1.8K)

Expand
  • Form 4Whittle John3 Nov
  • Form 4Xie Ken3 Nov
  • Form 4Xie Michael3 Nov
  • Form 4Ohlgart Christiane3 Nov
  • Form 144Xie Ken2 Nov
  • Form 144Xie Michael2 Nov
  • 10-QQ3ended 30 Sept 202629 Oct
  • 8-KPRESS RELEASE28 Oct
  • Form 4STAVRIDIS JAMES G.1 Oct
  • Form 4GOLDMAN KENNETH A1 Oct
  • Form 4Hu Jean X.1 Oct
  • Form 4Kan Derek T.1 Oct
  • Form 4Napolitano Janet1 Oct
  • Form 4Hsieh Ming1 Oct
  • Form 4Sim Judith1 Oct
  • Form 4Ohlgart Christiane25 Sep
  • Form 144Ohlgart Christiane24 Sep
  • Form 4Whittle John16 Sep
  • Form 144Whittle John14 Sep
  • Form 4STAVRIDIS JAMES G.13 Aug

News

  • CRWD vs. FTNT: Which Cybersecurity Stock Has an Edge Right Now?10:05AM
  • Vanguard Has an ETF That Chases Winning Stocks on Purpose. Most VOO Owners Have Never Heard of VFMO06:33AM
  • Fortinet, Inc. (FTNT) Presents at BMO Capital Technology and Innovation Leaders Conference Transcript12 Nov
  • Fortinet Sees AI Fueling Firewall Demand as Supply Advantage Fades12 Nov
  • The Post-Midterm Rally Clock Is Ticking—and These 3 AI Stocks Stand Out12 Nov
  • $1,000 Split Across These 3 Cybersecurity Stocks Could Be Worth This Much in 5 Years12 Nov
  • Datadog and Cloudflare Rise 5% as CoreWeave’s Results Lift Software Stocks; CrowdStrike Climbs 4%11 Nov
  • Fortinet Raises 2026 Outlook After Strong Q3: Time to Hold the Stock?11 Nov
  • Will Fortinet's Cash Flow Profile Support the Stock Amid Higher Capex?10 Nov
  • Fortinet, Inc. $FTNT Stock Sold by Boston Trust Walden Corp6 Nov
  • Fortinet and Equinix Secure Distributed AI at Scale5 Nov
  • FTNT Q3 Earnings Call Highlights Services Outlook and AI Demand4 Nov
  • Buy, Sell, or Hold? Wednesday’s Top Upgrades and Downgrades: Adobe, Apple, Duolingo, Exxon Mobil, Fiserv, Fortinet, Gartner, Lockheed Martin, Skyworks Solutions, Visa and More4 Nov
  • Why Is Fortinet Stock Falling, and is it a Buying Opportunity?3 Nov
  • Here's Why Fortinet (FTNT) is a Strong Growth Stock3 Nov
  • Don't Overlook Fortinet (FTNT) International Revenue Trends While Assessing the Stock2 Nov
  • CrowdStrike Slides 3% Despite Deutsche Bank Upgrade and CoreWeave Deal; Fortinet Falls 3%, Palo Alto Drops 2%2 Nov
  • 3 Security Stocks to Buy Now Amid the Flourishing Industry Trend2 Nov
  • FTNT Investors Have Opportunity to Join Fortinet, Inc. Fraud Investigation with SBS Law1 Nov
  • FTNT Investors Have Opportunity to Join Fortinet, Inc. Fraud Investigation with SBS Law1 Nov

Mentions in Filings

  • … alysis and improvement suggestions based on fault status and performance information. (Note 4) "IBC Care Service" refers to a maintenance service that provides vulnerability support and troubleshooting assistance for <strong>Fortinet, Inc.</strong>'s FortiGate series (Note 6) and Palo Alto Networks, Inc.'s PA series (Note 7). (Note 5) "ITOGUCHI" refers to an infrastructure configuration monitoring tool that visualizes the overall picture of complex IT systems a …
    アイビーシー株式会社Fortinet, Inc.·M&A, Partnerships & Legal Information - Opinion report·12 Nov·12 Nov
  • … Our principal competitors in the consumer market include ARRIS, ASUS, D-Link, Eero (owned by Amazon), and TP-Link. Our principal competitors in the business market include Arista, Cisco Systems, D-Link, Extreme Networks, <strong>Fortinet</strong>, Huawei, Hewlett-Packard Enterprise, Ruckus Networks, TP-Link, and Ubiquiti. Our principal competitors in the service provider market include Compal, Franklin, Huawei, Inseego, Nokia, Orbic, Sonim, TP-Link, and ZTE. Othe …
    NETGEAR, INC.Fortinet, Inc.·10-Q - Quarterly report Q3·Q3 26·4 Nov
  • … h Emerald AI, our intelligent network will enable AI workloads to automatically move data to alternate locations based on power availability, cost and other factors. Deploying quantum-resistant security capabilities with <strong>Fortinet</strong> With Ohio State, innovating quantum connectivity infrastructure over long distances Quantum & Cyber Aware — with Fortinet and Ohio State Intelligent networks do more than move data; they should be risk-aware Commercial R …
    Lumen Technologies, Inc.Fortinet, Inc.·EX-99.2 - 8-K - Results of Operations and Financial Condition·Q4 26·4 Nov
  • … 17% Supermicro 17% Dell 17% Workday 17% Palo Alto 17% Tyler 16% Verisign 16% HPE 15% Autodesk 15% GoDaddy 15% Intuit 15% TE 14% Qnity 14% Adobe 12% Trimble 12% Skyworks 11% Gen Digital 11% Cisco 11% Twilio 11% Apple 11% <strong>Fortinet</strong> 11% NetApp 10% F5 10% Motorola 9% Roper 9% Zebra 9% Cognizant 9% IBM 8% Accenture 8% CDW 8% Fair Isaac 7% Teledyne 7% HP 6% Salesforce 5% --- Scaling into the AI connectivity champion of the next decade Revenue, CY29E …
    Lumentum Holdings Inc.Fortinet, Inc.·425 - Form 425 - Business combination communication·Q2 27·2 Nov
  • … 17% Supermicro 17% Dell 17% Workday 17% Palo Alto 17% Tyler 16% Verisign 16% HPE 15% Autodesk 15% GoDaddy 15% Intuit 15% TE 14% Qnity 14% Adobe 12% Trimble 12% Skyworks 11% Gen Digital 11% Cisco 11% Twilio 11% Apple 11% <strong>Fortinet</strong> 11% NetApp 10% F5 10% Motorola 9% Roper 9% Zebra 9% Cognizant 9% IBM 8% Accenture 8% CDW 8% Fair Isaac 7% Teledyne 7% HP 6% Salesforce 5% --- Scaling into the AI connectivity champion of the next decade Revenue, CY29E …
    Lumentum Holdings Inc.Fortinet, Inc.·EX-99.2 - 8-K - Entry into a Material Definitive Agreement·Q2 27·2 Nov
  • … 17% Supermicro 17% Dell 17% Workday 17% Palo Alto 17% Tyler 16% Verisign 16% HPE 15% Autodesk 15% GoDaddy 15% Intuit 15% TE 14% Qnity 14% Adobe 12% Trimble 12% Skyworks 11% Gen Digital 11% Cisco 11% Twilio 11% Apple 11% <strong>Fortinet</strong> 11% NetApp 10% F5 10% Motorola 9% Roper 9% Zebra 9% Cognizant 9% IBM 8% Accenture 8% CDW 8% Fair Isaac 7% Teledyne 7% HP 6% Salesforce 5% --- Scaling into the AI connectivity champion of the next decade Revenue, CY29E …
    Marvell Technology, Inc.Fortinet, Inc.·425 - Form 425 - Business combination communication·Q4 27·2 Nov

Key Stats

Trading

Px/Chg 1D$182.16 / +0.67%
Prev Close$156.36
% of 52Wk H89.88%
Avg Volume6.35M
Beta1.00
Mkt Cap133.65B
FD Mkt Cap114.67B

Float

Shrs Out/Float733.71M / 618.55M
Short Float0.02%
Days to Cover1.98
Stock Repurchased$823.00M

Current Valuation

EV131.93B
EV/EBITDA49.06
EV/Sales18.56
P/B135.04
P/S18.80
FCF Yield0.75%
ROE54.01%
ROA5.41%
Current Ratio1.15

Estimates

P/E68.38
Est P/E0.00
Est EPS0.62
Est PEG0.00

Valuation

Metric5Yr AvgMay '23May '24May '25May '26Oct '26
PRICE-BASED RATIOS
Price / Earnings110.9859.6339.9446.74158.56250.05
Price / Sales29.6611.578.6413.7042.1272.26
Price / Book Value-5.19-181.52-98.9354.6164.83135.04
Price / Free Cash Flow75.3835.2726.4843.41138.95132.79
ENTERPRISE VALUE METRICS
Enterprise Value77,243.550,424.045,438.479,695.278,733.5131,926.3
Enterprise Value / Sales29.2011.418.5713.3841.3371.33
Enterprise Value / EBITDA78.6546.7830.9536.20113.33165.99
Enterprise Value / EBIT88.7051.8033.5438.34120.17199.65

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '21Dec '22Dec '23Dec '24Dec '25
INCOME STATEMENT
Revenue19.4%3,342.24,417.45,304.85,955.86,799.6
Gross Income21.1%2,559.23,332.54,067.64,798.25,497.0
EBITDA35.7%727.71,077.81,468.12,201.32,464.6
EBIT37.7%643.3973.51,354.72,078.52,312.6
Net Income32.2%606.8857.31,147.81,745.21,853.4
EPS (Diluted)35.1%0.731.061.462.262.43
BALANCE SHEET
Cash & ST Inv8.9%2,551.72,211.02,440.44,066.53,582.5
Total Assets15.1%5,919.16,228.07,258.99,763.110,389.2
Total Liabilities15.6%5,120.76,509.67,722.38,269.39,151.7
Total Shareholder Equity12.2%781.7-281.6-463.41,493.81,237.5
CASH FLOW
Net Operating Cash Flow14.6%1,499.71,730.61,935.52,258.12,590.6
Cap Ex5.4%-295.9-281.2-204.1-378.9-364.8
Free Cash Flow16.6%1,203.81,449.41,731.41,879.22,225.8

Enterprise Value Bridge

Millions USD13 Nov '26
Price (As of 13 Nov '26)127.25
Basic Shares733.71
Market Cap93,361.4
Diluted Shares742.60
Fully Diluted Shares Outstanding742.60
Fully Diluted Market Cap94,492.1
+Consolidated Debt497.1
−In-the-Money Convertible Debt—
+Capital Leases-
+Operating Leases—
−Cash & Equivalents-3,750.6
−Short-term Investments-1,048.4
+Total Preferred-
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest-
+Pension Liabilities—
Enterprise Value90,107.9

Segment data

Revenue

by Products and services

  • Security Subscription39%
  • Product33%
  • Technical Support And Other29%

Revenue

by Geography

  • Europe, Middle East And Africa42%
  • Americas40%
  • Asia Pacific And Japan19%

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